By taking a step-by-step approach to implementing electronic-document solutions, mortgage companies can move in phases from a paper-based system to a hybrid workflow of paper and electronic documents to nearly paperless. An organization's acceptance of paperless processing will lay the foundation for its move to e-mortgages.

For companies interested in being more environmentally friendly, using digital documents also helps meet sustainability goals.

Working together efficiently

Collaboration and access also play key roles in companies leveraging technological solutions. Partnering with a business-process outsourcing company for loan-processing, fulfillment, closing, post-closing, servicing and operational support also can lead to a significant ROI for a mortgage company, especially if the company uses paperless processing.

Further, business-process outsourcing powered by a SaaS model can help a company turn loans around faster. This can help meet customers' needs and can expand access to a complete network of e-mortgage software experts, all while potentially lowering the cost per transaction.

When disparate parties are involved, as they are in most transactions, transparency is key. Companies are striving to connect players seamlessly and quickly, and technological advancements can give companies access with Web-based solutions that enable greater collaboration, communication and information-sharing.

As a result, all parties involved in the mortgage process can benefit from having immediate access to loan status and relevant documents at any time. This can lead to enhanced collaboration and faster turn times.

To succeed in an increasingly competitive marketplace, mortgage brokers and lenders must embrace the technology available today. Steps toward eliminating paper, integrating e-mortgage initiatives and streamlining workflow processes not only can provide a competitive edge but also can boost the bottom line.

Greg Smith is vice president and general manager for Xerox Mortgage Services, formerly Advectis Inc., provider of BlitzDocs, a widely used solution for electronic-mortgage-document collaboration. Reach him at Greg.C.Smith@xerox.com. For more information about Xerox Mortgage Services, visit www.xerox-xms.com.

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